06-Sep-2024      14:05

Gold nears $2550 as fed rate cut hopes surge

Gold prices rebounded to near $2550 per ounce on Friday, reaching one-week highs as traders await the US jobs report, which could fuel expectations of a major Fed rate cut. Weak US labor data, including ADP's slowest hiring pace in 3.5 years, raised concerns about economic health. This, along with declining job openings and sluggish manufacturing, has strengthened the case for a 50 bps rate cut. Meanwhile, MCX October bullion futures bounced above Rs 72000 per 10 grams and are set to end the week higher.

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